Case Study: Hauled Out Of The Fire

This client was referred to us by another factoring company which was unable to offer a deal. The problem was that around 60% of the company's business was with one debtor. The company also had a chequered credit history and was a phoenix company.

When we first spoke to the client things were already quite desperate. Cash flow was very tight and the company was unable to pay the wages bill that week. Their customers were predominantly large companies who paid on a set day in the month following the month of invoice. Sales were growing nicely but their cash was tied up in the ever-growing debtors figures.

By this time it was Tuesday evening. On Wednesday we placed the deal with the factor who did their survey on Thursday. The formal offer was taken to the client and signed on Friday. Cash was advanced on Monday allowing the wages to be paid on time.

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If you're not yet convinced ICAN Finance are right for you please review some of our other case studies.

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